Texas lawmakers made huge investments in community colleges and created new endowments for public universities. They also banned diversity, equity and inclusion offices and gave themselves more control over university faculty tenure.

Without the state’s safety net, districts with pending bond projects must now decide whether to pay more in interest or halt construction.

Under the state’s Permanent School Fund’s Bond Guarantee Program, schools get the best interest rate on bonds. That soon may be over if the federal government doesn’t act.